Ella 
South Korea’s exchange rate authority issued a warning statement, emphasizing its vigilance on exchange rate trends and foreign currency supply and demand dynamics. The warning came as the South Korean won surpassed the 1,400 mark against the U.S. dollar on the morning of April 16, 2024, raising concerns about the potential economic impact.
Financial leaders Kumhwa Oh, director of the International Department of the Bank of Korea, and Shin Joong-beom, director of the International Finance Bureau of the Economy and Finance Ministry, jointly emphasized that serious imbalances in the foreign exchange market are undesirable for the Korean economy. Their comments were aimed at curbing currency appreciation.
Breaking the 1,400 mark is rare and has been observed during key economic events such as the 1997 Asian Financial Crisis, the 2007-2008 Global Financial Crisis, and especially in 2022 when South Korea felt the impact of US interest rate hikes.
